Although US stocks closed higher on Wednesday, there were a few notable insider trades.

When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.

Below is a look at a few recent notable insider purchases. For more, check out Benzinga's insider transactions platform.

Luminar Technologies

• The Trade: Luminar Technologies, Inc. (NASDAQ:LAZR) Director, Chairperson, President & CEO Austin Russell acquired a total 1,475,685 shares an average price of $6.03. To acquire these shares, it cost around $8.9 million.
• What’s Happening: Luminar Technologies reported a wider-than-expected first-quarter loss.
• What Luminar Technologies Does: Luminar Technologies Inc is an autonomous vehicle sensor and software company with the vision to make autonomy safe and ubiquitous by delivering lidar and associated software that meets the industry's stringent performance, safety, and economic requirements.

Royalty Pharma

• The Trade: Royalty Pharma plc (NASDAQ:RPRX) Director, CEO, Chairman of the Board Pablo G Legorreta acquired a total of 230,000 shares at an average price of $33.38. To acquire these shares, it cost around $7.68 million.
• What’s Happening: Royalty Pharma reported mixed first-quarter financial results.
• What Royalty Pharma Does: Royalty Pharma PLC is a buyer of biopharmaceutical royalties and a funder of innovation across the biopharmaceutical industry.

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